NEW YORK, Aug. 2, 2024 /PRNewswire/ -- The
global automotive suspension coil springs market size is
estimated to grow by USD 696.7
million from 2024-2028, according to Technavio. The
market is estimated to grow at a CAGR of 4.5% during the forecast
period. Increase in production of passenger and commercial vehicles
is driving market growth, with a trend towards developments in
automotive suspension springs market. However, increasing cost of
vehicles due to rising prices of steel and aluminum poses a
challenge. Key market players include Alpha Springs Ltd., Asha
Spring and Engineering Co., BWI Group, Coiling Technologies Inc.,
Continental AG, Dietz GmbH, Kilen
Springs, Leggett and Platt Inc., Melling, Melrose Industries
Plc, Mitsubishi Steel Mfg. Co. Ltd., Muhr und Bender KG, MW
Industries Inc., NHK Spring Co. Ltd., Sogefi Spa, Springcoil Ltd.,
Tenneco Inc., The Lesjofors Group, thyssenkrupp AG, and ZF
Friedrichshafen AG.
![Technavio has announced its latest market research report titled Global automotive suspension coil springs market 2024-2028 Technavio has announced its latest market research report titled Global automotive suspension coil springs market 2024-2028](https://mma.prnewswire.com/media/2472708/Technavio_Global_automotive_suspension_coil_springs_market.jpg)
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Passenger
Car and Commercial Vehicle) and Geography (APAC, Europe, North
America, South America, and Middle East and Africa)
|
Region
Covered
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Key companies
profiled
|
Alpha Springs Ltd.,
Asha Spring and Engineering Co., BWI Group, Coiling Technologies
Inc., Continental AG, Dietz GmbH, Kilen Springs, Leggett and Platt
Inc., Melling, Melrose Industries Plc, Mitsubishi Steel Mfg. Co.
Ltd., Muhr und Bender KG, MW Industries Inc., NHK Spring Co. Ltd.,
Sogefi Spa, Springcoil Ltd., Tenneco Inc., The Lesjofors Group,
thyssenkrupp AG, and ZF Friedrichshafen AG
|
Key Market Trends Fueling Growth
The automotive suspension coil springs market is experiencing
advancements as vendors and automakers collaborate to enhance the
performance and durability of vehicle suspension systems. For
decades, vendors have grappled with meeting automakers' demands for
a balance between passenger comfort, handling characteristics, and
load capacity. Vendors have focused on optimizing spring rates,
which determine the weight required to compress the spring. Coil
springs can have either a low spring rate (soft, absorbing much
energy) or high spring rate (hard, best for heavy loads). Recent
innovations include the E-shaped spring design, which allows for
easy compression under light loads while maintaining stiffness with
increased weight. This design improves suspension performance and
extends coil spring life. Some designs combine two E-springs to
fine-tune the overall suspension system, potentially driving market
growth during the forecast period.
The Automotive Suspension Coil Springs market is experiencing
notable trends, including the adoption of adaptable suspension
systems for improved ride and handling. Cost-effective production
methods are driving affordability, leading to mass adoption by
consumers. However, growth is restrained due to sustainability
concerns and the environmental impact of traditional materials like
steel. Major manufacturers are developing new, durable materials
and suspension technology to meet consumer demands for smoother
rides and better vehicle stability. The trajectory of the market is
influenced by the growing consumer focus on robust automotive
trends and the design requirements of vehicle ride and tire
contact. Elasticity and the vehicle's weight are key factors in the
development of coil springs for suspension systems.
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Market Challenges
- The automotive industry is witnessing a shift towards advanced
materials in vehicle manufacturing, with a focus on improving
performance, reliability, and durability. Hardened steel and
aluminum are commonly used for components and parts, including
suspension coil springs, which are now being manufactured using
these materials for enhanced efficiency. However, the rising cost
of these materials per metric ton may negatively impact
manufacturing costs and potentially increase vehicle prices,
potentially hindering market growth during the forecast period.
Automakers must carefully balance the benefits of using advanced
materials with the financial implications for consumers.
- The Automotive Suspension Coil Springs market faces various
challenges in the components and systems sector. Meeting diverse
specifications and quality standards for passenger cars, sedans,
hatchbacks, SUVs, coupes, delivery vans, heavy-duty trucks, and
buses requires continuous innovation. Aftermarket sales of parts
and accessories call for customization and upgrades, addressing
consumer preferences for ride quality, safety, and efficiency.
Driving factors like diverse road conditions, emissions
regulations, and sustainability influence material technology
advancements, such as lightweight alloys and advanced composites.
Consumer demands for luxury cars, off-road vehicles, and
specialized suspension systems necessitate ongoing suspension
component innovations. Production volume and technology investments
are crucial in meeting the needs of the transportation industry,
which includes passenger cars, commercial vehicles, and electric
and autonomous vehicles. The market must adapt to the evolving
landscape, focusing on fuel efficiency, structural integrity, and
compliance with regulations.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This automotive suspension coil springs market report
extensively covers market segmentation by
- Application
- 1.1 Passenger Car
- 1.2 Commercial Vehicle
- Geography
- 2.1 APAC
- 2.2 Europe
- 2.3 North America
- 2.4 South America
- 2.5 Middle East and
Africa
1.1 Passenger Car- The global automotive suspension
coil springs market caters to the varying needs of passenger
vehicle segments, including entry-level, mid-level, and premium or
luxury vehicles. These segments utilize different suspension
systems to enhance comfort and performance. Vendors are responding
to this demand by providing lightweight, sturdier coil springs that
consume less space in the suspension system. Advanced materials and
technology are driving improvements in suspension system
performance. MacPherson Strut and multi-link suspension setups are
commonly used in entry- and mid-level vehicles, while premium
vehicles feature advanced suspensions like adaptive, semi-active,
air, and active systems. These systems regulate body movements,
leading to increased demand for suspension coil springs, positively
impacting market growth.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Automotive Suspension Coil Springs market is a critical
component of the automotive industry, focusing on the design and
production of coil springs for automotive suspension systems. These
springs play a vital role in providing a smooth ride and ensuring
vehicle handling stability by absorbing road irregularities. Coil
springs are typically made of durable materials such as steel and
composite alloys, which offer elasticity and durability to support
the vehicle's weight and maintain tire contact with the road.
Advancements in suspension technology include the use of
lightweight metals, smart technologies, adaptive suspension, and
electronically controlled systems. These innovations cater to
specific vehicle needs, providing tailor-made solutions for
improved car stability and sustainability. 3D printing techniques
enable intricate designs, enhancing the overall vehicle performance
and offering ecofriendly materials as alternatives to traditional
steel. The market continues to evolve, focusing on enhancing the
driving experience while ensuring durability and
sustainability.
Market Research Overview
The Automotive Suspension Coil Springs market plays a crucial
role in enhancing the vehicle ride and handling experience. Coil
springs, made from durable materials such as steel, are a key
component of the suspension system. They absorb road
irregularities, ensuring a smoother ride for passengers and
improving the car's stability during cornering, braking, and other
driving conditions. Technology advances and engineering innovations
have led to the use of composite alloys and lightweight metals in
place of traditional steel, increasing durability and overall
vehicle efficiency. The design of coil springs is tailor-made to
specific vehicle specifications, ensuring optimal performance and
comfort. The automotive suspension market is subject to various
disruptions, including factory closures, workforce availability,
manufacturing and distribution issues, and fluctuating demand due
to economic uncertainties and changing market conditions. OEMs and
aftermarket players offer replacement options, upgrades, and
customization for various types of vehicles, including passenger
cars, sedans, hatchbacks, SUVs, coupes, and commercial vehicles,
used for transportation of passengers and goods. The use of smart
technologies, such as adaptive suspension and electronically
controlled systems, has become increasingly popular, responding to
road conditions in real-time for improved driving experience.
Sustainability and eco-friendly materials are also gaining
importance in the production processes, ensuring efficiency and
meeting quality standards.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Passenger Car
- Commercial Vehicle
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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